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What do reset deals have in common?
1 month ago
Is it possible to predict which deals are likely to be reset next? With reset mania continuing to grip the US CLO market, we search for common factors among 2014-2021 deals that were reset -
CLO Census: It’s time to put the shop in order
6 months ago
After a lacklustre year for the CLO market, the 539 respondents to our comprehensive survey are increasingly calling for structural changes, from electronic trading to standardised documents -
Not every CLO can be a winner
The CLO industry has undeniably performed well enough to justify the plaudits it receives. But there will always be some unloved CLO tranches that slip into triple C territory -
You seem familiar
2 years ago
The overlap between European CLOs has risen to 51.6%, but the largest issuers are only slightly more aligned to their peers at 55.19% — so bonds are proving to be an important differentiator -
We’re drifting apart
2 years ago
Everyone’s issuing US CLOs these days and it is tempting to believe the crowd of managers is blending into one. However, overall portfolio overlap has dropped to 37.7% across 2021 CLOs -
CLO managers show respect to their elders
2 years ago
Alongside lucrative new issues, managers also make time for refinancing and resetting old deals. Our data shows that, in 2021, mid-sized firms were the most effective at this balancing act -
Refi deluge casts shadow on b-wics
Refis and resets are cutting CLO lifespans short, which means there is less need to sell in the secondary market. Still, there are relative value opportunities in IG bonds and equity tranches2 years ago -
CLO wormhole opens as deal pricing blurs
2 years ago
The CLO prints you see today might have happened a month ago. No, we’re not travelling back in time. Instead, a trend toward locking in senior notes a month early is skewing market pricing -
Elements work against CLO managers in Q3
3 years ago
CLO equity distributions fell in Q3 largely due to factors, such as Libor mismatches, that CLO managers can’t control. But these headwinds could turn in favour of managers in the near future -
Managers weigh up matters of principal
3 years ago
CLO managers that were able to avoid OC traps made double-digit equity distributions in Q2, despite the headwinds. But these firms tended not to be among those that built the most par -
Tapping Europe doesn't always pay
6 years ago
The premise – reaching a broader audience of investors – is sound. But some managers have found that opting for dual compliant CLOs is not worth the extra effort. -
Leading fund: Lupus Alpha CLO Opportunity Notes I
6 years ago
Single-B CLO trades boost Lupus Alpha asset Management
12 results found Showing page 1 of 1
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